After the strong drop around the 24-Sept., the bear has been low and Bitcoin recently managed to break above EMA10 on the .
Above EMA10 gives us potential...
Now that EMA10 has been conquered, the next target becomes EMA50 which is sitting at $8800+, but $8588 needs to be taken out first.
Let's take a close look at the ( ) indicator to see if it support further growth
- Here you can see BTCUSD RSI's trading above resistance (red dashed line)
- New low (oversold/weak) was hit on the 26-Sept. and now it is gaining momentum up.
- Can easily hit up to 67 to support this move as strong.
What about the (Moving Average Convergence Divergence) indicator?
Let's take a close look at it as well:
- Even though it doesn't look as good as the , the is also trading above resistance (red dashed line) and this setup allows for additional growth.
- If the decides to move lower, it immediately has strong support.
- The histogram is now green... Only follow up is needed by bulls, which can come as early as Wednesday or Thursday.
Here we took a more detailed look at our classic indicators and the Bitcoin ( BTCUSD ) chart in general shorter-term.
If you are looking for the LONG-TERM view, check the trade idea below:
Thanks a lot for reading and your continued support.
This is Alan Masters.
P.S. I don't buy likes and traffic either, so if you enjoy this content and would like to show your support feel free to hit LIKE. :)
This is not financial advice.